While tax credits and deductions can reduce your tax liability and potentially increase your refund, understanding their differences is crucial for optimizing your tax filings and ensuring you don’t leave money on the table. An experienced accountant can explain these strategies and advise you...
While the word “taxes” invokes feelings of dread in many people, not every aspect of the tax system involves paying money to the government. For example, you may be eligible to reduce the amount of taxes you owe or even receive money back based...
The United States has a complex, layered tax structure involving federal, state and sometimes local taxes. While most people are familiar with federal income taxes, state income taxes often lead to confusion, especially because not all states impose them. What is state income tax...
The rise of remote work has reshaped how and where people can do their jobs. The freedom to work from anywhere, eliminate a daily commute and enjoy a better work-life balance are some significant perks of the digital age. However, this flexibility can also...
Navigating the world of employment types can be confusing for business owners. W2 and 1099 forms are given to different types of workers for IRS classification and tax documentation. Understanding the distinction between W2 and 1099 workers is crucial for tax law compliance and...
Tax brackets are one of the most misunderstood aspects of IRS regulations. Many taxpayers do not fully grasp why tax brackets exist, how they work and what it means to move from one bracket to another. However, understanding tax brackets is crucial for everyone...
Every new year begins with Americans receiving documents like W-2 and 1099 forms in the mail, kicking off tax season. While tax day is not a holiday in the traditional sense, you may still have it circled on your calendar – especially if you...
As tax day draws closer, small business owners, freelancers and independent contractors are gearing up for a daunting time of the year. You can confidently manage tax season by arming yourself with sensible strategies and knowledge. Here are 10 tips that can help you...
Freelancers, solopreneurs, small business owners and other self-employed people face a unique set of challenges – especially when managing their taxes. Unlike employees whose employers handle tax withholdings, self-employed people must make estimated tax payments four times throughout the year. You should understand this...
Platforms like Venmo have become increasingly popular for freelancers, gig workers and people with side businesses. The convenience of transferring payments to your bank account with a few taps on your smartphone is undeniable. However, Venmo and other apps bring tax obligations you might...
